Idea Proposal and Marketing Research - Management Assignment Help

Assignment Task

Stage 1 - Idea Proposal and marketing research

Market overview. Your business idea is to solve the problems on the current market or to draw new conclusions and to analyse the implications for business – to achieve this, you have to know and critically examine what businesses already exist in the market.

Generate and research a new business idea - market research and basic viability research. The Purpose of this Market Research is to collect data, to test needs of the competitive environment, environmental factors and of course, the possibility of your idea to implement in real life, in terms of costs, suppliers and resources.
Research proposal report for your venture should include analysis of collected primary and secondary data, description of niche and targeted segments, size of each segment, description of unique product or service advantages, competitor’s pricings, and a top line forecast by units and sums. A convincing forecast is the most important part of this report. The conclusion is made believable by a solid industry analysis and a comprehensive business analysis.

In your conclusion, be sure to include justification, substantive proof that there is a market niche for your product or service and that you will better serve its needs based on data collected. Justify your projected market share. Describe the demographics of your targeted market segments. Is your market growing, stable, or declining? What are the significant trends in the market with regards to economic forces, competition, government regulations, technology, etc.?

You need to choose a range of analytical tools from literature, demonstrate appropriate application and analysis of the market.
This should be a practical experience for you. You must collect primary and secondary data as practical information in respect of location, costs, resources, competitive environment, and customer preferences. Whenever possible, contact individuals with the proper expertise, e.g., to determine the cost of capital and collateral requirements for a loan, speak to a bank; to determine the cost of a specific piece of equipment, speak to an equipment supplier; to determine the feasibility of market entry, visit competing businesses, visit the site where you want to locate, etc.

Seek out both primary and secondary sources. Particularly it will be useful for the marketing section of your second part – Business Plan. You can apply various research tools to collect primary and secondary data: interviews, focus groups, observations, and questionnaire. You must quantify the size of your total market and target market subsets.
Make a reasoned decision as to the legal format to be selected for a new business venture, what licences or certifications needed, what are the governmental authorities issue them etc.

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